IL HB4770

Beginning in taxable year 2023, the amount of tax due for properties granted a senior citizens assessment freeze homestead exemption shall not exceed the tax liability for the property in the base year.

Tax collected from properties receiving this exemption shall be distributed to individual taxing districts on a pro rata basis according to each district's proportionate share of the property's total tax liability.

Modifies the exemption period in counties with fewer than 3,000,000 inhabitants to apply through taxable year 2022 (previously "and thereafter"), with the new tax cap provision taking effect in 2023.

Maintains existing eligibility requirements: applicant must be 65 years or older, have household income not exceeding the maximum limitation ($65,000 for taxable years 2018 and thereafter), be liable for property taxes, and own or have legal/equitable interest in the residence.